Fashion industry is one of the important industries of many countries all over the world, that’s why any effect in the fashion industry is also an effect on the world economy because of that today the fashion industry has great importance. For every industry, the year 2020 was one of the most difficult in history. The fashion sector was also significantly hit, with lower sales, changing behavior of customers, and disrupted supply networks worldwide. This article investigates the multiple changes brought about by the pandemic, which may or may not continue in the future.
In the year 2020, the globe faced a major crisis in the shape of the COVID-19 epidemic, with industries experiencing their worst year on record. Almost every industry is still in turmoil, with revenue and profit margins threatened. That’s why in this content we are going to discuss some fashion industry scenarios after this great pandemic.
Some Fashion Industry Scenario Of Post Covid-19
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E-commerce / Digital
Physical retail has been under unprecedented pressure over the past 1.5 years. Approximately 25,000 stores in the United States shuttered during COVID-19. More than double the number in 2019. As a result of COVID-19, merchants experimented with fascinating technologies in order to provide customers with a similar experience to that of a physical store. Virtual apparel, digital ramp walks, and online showrooms all play a significant role in this. As e-commerce continues to grow, physical shops may face more challenges, leading to the closure of certain fashion stores in the near future.
Nike, a well-known sportswear company, has announced an overhaul of its digital strategy and increased investment in high-potential sectors. Resulting in job cutbacks in physical stores. Zara has also announced plans to close 1,200 locations and invest €2.7 billion in internet stores in the near future. According to Mercatus, a US-based data analysis business, social alienation has resulted in 1500 percent more online shopping account registrations and three times more mobile app downloads in the last few months.
The pace of e-commerce will only go up in the next few years. The latest digital opportunities are leading to innovative marketing, design, and revenue-generating solutions across the fashion sector. In China, Net-a-Porter has launched Animal Crossing skins showing spring/summer collections with QR codes that connect the products to e-tailer stores, while Ralph Lauren and Snap Inc will collaborate to develop virtual branded clothes for avatars.
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Sustainability
The fashion industry has increased its commitment to environmental sustainability in recent years. Particularly in terms of the elimination of hazardous chemicals, the reduction of CO2 emissions, and the implementation of circular economy methods. As nations banned international trade, the supply chain went interrupted. This pandemic revealed the vulnerability of global supply chains.
The new corporate structure forced everyone in the industry to rethink their objectives and ambitions. According to States of Fashion 2021, today’s consumer is more interested in sustainable fashion items than in the past, and after COVID, consumers are opting for more sustainable fashion than in the past. According to studies, the client, rather than other competitors or environmental activists, is the most important aspect of fashion sustainability. Every fashion designer focuses on eco-friendly and sustainable fashion.
Non-sustainable fashion will undoubtedly continue to be popular, but it will become increasingly important for firms to meet the needs of their customers. In the post-COVID-19 age, garments, and accessories are worn multiple times without missing fashion trends that are in high demand.
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Augmented Reality
Augmented reality (AR) is defined as an enlarged representation of the real physical environment. Created with the use of applied technology and digital visual elements, music, or other sensory stimulation.
Its capacity to envision fashion and cosmetic products in real-time is revolutionizing every industry. AR is used to provide a more engaging and dynamic experience for users.
Zara has used augmented reality to promote its new collection, which includes a live runway where goods may be displayed. Virtual try-on, fashion mirrors, and color-shifting apps are just a few examples.
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Artificial intelligence:
Where human interaction does not go integrated into the digital experience. Artificial intelligence (AI) is set to play a key role in increasing conversion by allowing customers to try on virtual try-on powered by augmented reality (AR).
PCs and software will replace in-store beauticians and shopping assistants, assisting customers with putting together a look or making a purchase. With social distance becoming increasingly significant, the increased demand for AI makes sense.
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Local And Not Global
Imports, affected hardly by the epidemic, which may be a good thing. Local designers, businesses, and tailors now have greater opportunities. The sooner a country’s economy recovers, the more people buy locally.
This comprises Indian brands, designers, and artists, as well as Indian art. With restrictions, there is less mass manufacture of clothing and accessories.
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Special Textile Finishes
The Institute of Technology (IT) has created a specific infection-proof fabric. Used in hospitals to avoid hospital-acquired infections. Antiviral textile coatings, in addition to this anti-odor fabric, are increasingly popular and might soon represent a lucrative revenue source for manufacturers. Some of the protective mask manufacturer also made use of this textile in their products. In order to provide better protection than other types of masks.
Conclusion
The fashion industry will almost probably emerge from this crisis in a substantially different state than it entered it. Brands that can set clear, long-term goals while still displaying the flexibility, speed, and agility to negotiate an uncertain short-term future will undoubtedly be ahead of the pack. It causes great damage to the fashion industry.
They must reorganize their operational models in order to adapt to the faster speed of change. As well as maintain the effective new work habits that have emerged as a result of the crisis.
Because adaptability will be critical in all of this, companies should anticipate threats to their businesses and create strategic answers for numerous situations to reduce uncertainty and speed up decision-making. Building cross-functional teams guided by appropriate priorities will enable brands to respond more rapidly and seize market opportunities.
Read more: THE COMPLETE FASHION STYLE MEN GUIDE FOR SUMMER 2022